ADAS Aftermarket is slated to surge at a CAGR of 9% to reach a valuation of US$ 2.28 Bn by 2031
Increasing demand for safety sensors, such as seat belt tension, impact sensors, anti-theft, parking sensors, etc., is expected to create significant opportunities for ADAS manufacturers, contributing significantly to the growth of the advanced driver assistance systems market over the coming years.
Key Takeaways from Market Study
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"Increasing active safety features in vehicles are expected to be key drivers for the development of the automotive sector, which is anticipated to drive demand for ADAS in the aftermarket," says a Persistence Market Research analyst.
Market Landscape Identified to Be Fairly Competitive
On a regional, national, and global basis, the worldwide automotive parts aftermarket is highly competitive and fragmented.
Some of the key ADAS manufacturers included in the report are Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Denso Corp., Aptiv plc, Valeo SA, Magna International Inc., Veoneer Inc., Aisin Corporation, Hitachi Astemo, Ltd., Nidec Corporation, Infineon Technologies AG, Ficosa Internacional SA, Hella KGaA Hueck & Co., Pacific Industrial Co., Ltd., and Mobileye,
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Conclusion
The ADAS aftermarket is characterized by the presence of major players from North America, Europe, and East Asia. Demand for passenger cars and commercial vehicles equipped with advanced safety features are increasing around the globe, which is expected to propel demand for technologically advanced products over the decade.
Technological developments along with collaborations and mergers and acquisitions by key market participants are expected to fuel the ADAS aftermarket space.
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Want to Know More?
Persistence Market Research, a research and consulting firm, has published a revised market research report on the ADAS aftermarket that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides in-depth analysis of the market through different segments, namely, system type, technology, sales channel, vehicle type, and region.
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